PowerTransitions Completes Acquisition of Five New York Plants, Expanding New York Portfolio

HOUSTON--(BUSINESS WIRE)--PowerTransitions®, a leading independent power producer specializing in the redevelopment of legacy power and industrial facilities, announced today that it closed on an acquisition of five power generation facilities totaling 323MW.

The natural gas fired power generating facilities—Hillburn, Shoemaker, Massena, Batavia, and Sterling—are located throughout New York and have supplied power in NYISO for decades. The scale and existing grid infrastructure make the sites ideal candidates for co-located development into robust energy campuses, including new energy storage systems, allowing PowerTransitions to layer in new capacity to enhance reliability for the surrounding grid. The acquisition increases the Company's total operating assets to approximately 550 MW across NYISO, PJM and ISO-NE. When combined with the pending acquisition of the Roseton Generating Station, PowerTransitions will operate a portfolio of over 1,800 MW.

“Closing on these power generation facilities is PowerTransitions’ first step into New York,” said Sean Long, Co-Founder & Chief Executive Officer of PowerTransitions. “We look forward to working with the plants’ experienced workforces and the surrounding communities to ensure continued reliability as electricity demand grows in the region, and investing in the long-term future of new energy assets in the community.”

About PowerTransitions®

PowerTransitions® is a leading independent power producer specializing in owning operating legacy power generation facilities and redeveloping retired power and industrial facilities into new power generation, energy storage systems, and on-site powered land campuses. PowerTransitions leads all aspects of its redevelopment projects, from deconstruction and remediation of the sites to development, financing and owning new power generation, energy storage facilities, and powered land for advanced manufacturer and data center campuses. For more information on PowerTransitions, please visit www.power-transitions.com or follow us on LinkedIn.